Strive Secures $750 Million Investment for Bitcoin Treasury Strategy
Strive completed a $750 million private investment in public equity (PIPE) round, with an option to raise another $750 million through warrant exercises.
The capital will finance Strive's initial bitcoin purchases as it builds its bitcoin treasury. The firm aims to implement strategies that outperform bitcoin.
Key points include:
- CEO Matt Cole highlighted the need for a new valuation framework.
- Strategies involve acquiring undervalued biotech firms and distressed bitcoin claims, including Mt. Gox claims through 117 Partners LLC.
- Strive is targeting $7.9 billion in Mt. Gox bitcoin claims to enhance its treasury.
- The PIPE priced at $1.35 per share, reflecting a 121% premium over ASST's pre-announcement closing price.
- The financing carries no debt to maintain leverage capacity.
- Cole will present these strategies at the Bitcoin for Corporations Symposium in Las Vegas.
Cantor Fitzgerald & Co. acted as the exclusive financial advisor, with legal counsel from Davis Polk, DLA Piper, and Bevilacqua PLLC.